AI Training Dataset Market 2020 and Forecast 2021-2027

  • TBI711022
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: AI Training Dataset Market

The global AI training dataset market size was valued at USD 845.4 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 11.4% from 2021 to 2027. The artificial intelligence (AI) is gaining significant prominence due to rising adoption across various data-driven applications such as image recognition and voice recognition. The amount of data generated across various end-use organizations has driven the adoption of AI. Apart from this, the rising need for machine and human interaction is offering new growth avenues for vendors in the market to provide solutions with enhanced capabilities. The AI enables machines to learn from experience, perform human-like tasks, and adjust to new inputs. These machines are trained to process massive data and determine patterns to accomplish a specific task. In order to train these machines, certain datasets are required. To cater to this requirement, the demand for AI training datasets is increasing. The working of machines entirely depends on the dataset provided. Thus, it becomes essential to provide high-quality datasets for training AI. This high-quality dataset enhances the performance of AI. It also helps in reducing the time required to prepare data and increases the accuracy of predictions. Thus, vendors in the market are also focusing on acquiring companies that can help them to enhance the quality of data. For instance, in March 2019, Appen Limited, a specialized dataset provider, announced the acquisition of Figure Eight Inc., a provider of the machine learning platform. The latter company creates high-quality data by transforming unlabeled data with the help of automated tools. This acquisition will help the former company to increase the creation speed of a high-quality dataset for training AI. It will also help in enhancing the quality of data.

Type Insights: AI Training Dataset Market

On the basis of type, the AI training dataset market is segmented into text, image/video, and audio. The text segment caters to the highest share in the market. This is due to the high use of text datasets in the IT sector for various automation processes such as speech recognition, text classification, and caption generation.  The audio segment is expected to cater to moderate share due to the availability of a wide range of audio datasets. These include music datasets, speech datasets, speech commands dataset, Multimodal EmotionLines Dataset (MELD), environmental audio datasets, and many others. The image/video type segment is expected to cater to the highest CAGR during the forecast period. This is due to the rising focus of key players to launch new training sets with a rising number of applications. For instance, in May 2019, Google LLC, a multinational technology company, announced the launch of a new AI training dataset named Google-Landmarks-v2 that contains millions of images and thousands of landmarks. The company also launched two challenges on Kaggle, landmark retrieval 2019 and namely landmark recognition 2019. These training sets were launched for image retrieval and instance recognition and to train better and robust systems.

Vertical Insights: AI Training Dataset Market

Based on vertical, the market is segmented into IT, automotive, government, healthcare, BFSI, retail and e-commerce, and others. AI in healthcare offers various opportunities in therapy areas such as lifestyle and wellness management, diagnostics, virtual assistants, and wearables. Apart from this, AI finds application in voice-enabled symptom checkers and improving organizational workflow. All these applications require an extensive training set to provide accurate results. Thus, the use of datasets will rise thereby leading to a high CAGR in the forecast period. The IT segment is expected to cater to the highest share in the market. Various technology companies in the market are using machine learning technology to deliver enhanced user experience and develop innovative products. In order to be efficient, machine learning technology requires high-quality training data to make sure that ML algorithms are continuously optimized. Apart from this, high-quality datasets help IT companies to enhance various solutions such as computer vision, crowdsourcing, data analytics, and virtual assistants. Such factors are contributing to the high usage of AI training set in the sector.

Regional Insights: AI Training Dataset Market

In North America, vendors are focusing on releasing new training sets to accelerate the adoption of AI technology in emerging sectors in the region. For instance, in September 2019, Waymo LLC, a Google LLC company, released a new dataset for autonomous vehicles. This dataset comprises of sensor data that has been collected from camera sensors and LiDAR under various driving conditions such as cyclists, pedestrians, and signage. Such developments are driving the adoption of AI training datasets in the market, thereby catering to a high share in the market. The adoption rate of emerging technologies is rapidly increasing by organizations in developing countries such as India in order to transform their businesses. Also, various key players are focusing on expanding their presence in the Asia Pacific region. These factors are anticipated to boost the usage of AI training datasets in the region, thereby leading to a high growth rate in the projected period. In Europe, the market is anticipated to grow moderately during the forecast period.

Key Companies & Market Share Insights: AI Training Dataset Market

The industry perceives growing market consolidations through strategic initiatives such as mergers, collaborations, and acquisitions. Key market participants are also focusing on launching new training sets. For instance, in January 2020, Vectorspace AI, a datasets provider, entered into a collaboration with Elasticsearch B.V., a search company. The former company will be providing AI training datasets to its users that are built in collaboration with the latter company. Vectorspace AI launched training datasets that will power AI, ML, and data engineering. Some of the prominent players in the AI training dataset market include:

Key companies Profiled: AI Training Dataset Market Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global AI training dataset market report based on type, vertical, and region:

Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Text
  • Image/Video
  • Audio

Vertical Outlook (Revenue, USD Million, 2016 - 2027)

  • IT
  • Automotive
  • Government
  • Healthcare
  • BFSI
  • Retail & E-commerce
  • Others

Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definition
1.3 Information Procurement
1.4 Information Analysis
1.5 Market formulation & data visualization
     1.5.1 Secondary sources & third-party perspectives
     1.5.2 Primary Research
1.6 Research Scope & AssumptionsChapter 2 Executive Summary
2.1 Market Outlook
2.2 Segmental Outlook     
|  read more...

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